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Macroeconomic Stability: Transition Towards the Nominal Exchange Rate Stability

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  • Frantisek Brazdik
  • Juraj Antal

Abstract

The novelty of this work is in the presentation of a theoretical frame work that allows the modeling of an announced switch of the monetary regime. In our experiment, the monetary authority announces stabilization of the nominal exchange rate after the announced number of periods. We analyze the effects of the monetary policy regime for the macroeconomic stability over the transition period. For our analysis, we consider representative forms of standard monetary regimes. Moreover, we rank the examined regimes in terms of loss functions.

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Bibliographic Info

Paper provided by The Center for Economic Research and Graduate Education - Economic Institute, Prague in its series CERGE-EI Working Papers with number wp368.

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Date of creation: Oct 2008
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Handle: RePEc:cer:papers:wp368

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Keywords: New Keynesian models; small open economy; monetary regime switch.;

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